On September 22, the UXLINK multi-signature wallet had a delegateCall vulnerability, which allowed the attacker to gain access, resulting in stolen assets valued at approximately 11.3 million USD, causing the token price of UXLINK to drop by about 65%–77%. An analysis of the price trend for this popular token is currently underway. The current contract price is 0.077, and the funding rate indicates strong bullish sentiment among participants.
This is a reminder to everyone to be cautious when going long. The predicted subsequent price trend is either sideways or a continued decline. It may be advisable to take small positions to short. The reasons are as follows:
1. The attacker gained the minting rights to issue tokens on the Arbitrum chain. Unauthorized issuance of approximately 1 billion UXLINK tokens has already occurred.
2. The project party basically abandons this listing, and the project party states that it will initiate a token swap plan. It is not possible to pump the price before the swap is completed.
3. The attackers were found to have authorized part of the stolen UXLINK to a phishing contract, and then approximately 542 million tokens were stolen and transferred to an address called Inferno Drainer. Now the hacker who wants to cash out UXLINK has turned into two.
Although the project party has implemented some response measures:
1. Suspend token recharge and some trading functions, and notify exchanges to freeze suspicious funds
2. Call on community members to temporarily avoid interacting with UXLINK tokens on decentralized exchanges (DEX) to prevent interference from unauthorized issued tokens or exploitation by hackers.
However, these measures can only slow down the price decline trend, and there is absolutely no possibility of a price increase. Therefore, it is recommended to make small positions to short. This is just personal opinion, DYOR
